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NUBIAN AND ATHENA ANNOUNCE CLOSING OF SALE AND ACQUISITION OF EXCELSIOR SPRINGS PROJECT
NUBIAN AND ATHENA ANNOUNCE CLOSING OF SALE AND ACQUISITION OF EXCELSIOR SPRINGS PROJECT ...
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[{"type":"text","content":"\n \n \n \n NUBIAN AND ATHENA ANNOUNCE CLOSING OF SALE AND ACQUISITION OF EXCELSIOR SPRINGS PROJECT\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n NUBIAN PROVIDES EARLY WARNING DISCLOSURE\n \n \n \n \n TORONTO\n \n ,\n \n Jan. 5, 2022\n \n /CNW/ - Nubian Resources Ltd. (TSXV: NBR) (OTCQB: NBRFF) (\"Nubian\") and Athena Gold Corporation (CSE: ATHA) (OTCQB: AHNR) are pleased to announce the completion of the sale by Nubian and the acquisition by Athena of the remaining 90% interest that Nubian held in the Excelsior Springs exploration project (the \"Property\") located in\n \n Esmeralda County, Nevada\n \n , USA, as contemplated in the option agreement (the \"Option Agreement\") dated\n \n December 11, 2020\n \n , as amended on\n \n November 10, 2021\n \n , between Nubian, Nubian Resources (\n \n USA\n \n ) Ltd. (\"Holdco\") and Athena. Athena acquired the interest in the Property through its acquisition of all of the outstanding shares of Holdco, the legal owner of the claims and mineral rights comprising the Property.  As a result of the transaction, through its ownership of Holdco, Athena now holds a 100% interest in the Property, subject to a 1% of net smelter returns royalty (the \"Royalty\") with respect to the Property granted to Nubian.\n \n \n \n \n \n \n \n \n \n The transaction was effected as at\n \n December 31, 2021\n \n pursuant to the terms a share purchase agreement (the \"Share Purchase Agreement\"), whereby Nubian sold to Athena and Athena purchased from Nubian all of the shares of Holdco for the remaining consideration payable under the terms of the Option Agreement, which consisted of 45 million shares of Athena's common stock (\"Athena Shares\") and the Royalty.\n \n \n Under the terms of the Share Purchase Agreement, Nubian also agreed to use commercially reasonable efforts to distribute all Athena Shares that it holds to its shareholders, pro rata, subject to certain conditions, including that the distribution can be effected in accordance with applicable laws a...